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Trackinsight: Evergrande’s contagion infects U.S. markets

09/21/2021 | 09:15am EDT

The biggest damages were in the Energy, Consumer Discretionary and Financials Sectors.

Worries over Chinese real estate giant Evergrande ballooned debt has sparked a risk-off sentiment in global markets. On Monday, U.S. stocks logged their biggest drop since May, with the tech-heavy Nasdaq composite sinking 2.2%. The S&P 500 fell by 1.70%, with no sector escaping the red zone. The biggest damages were in the Energy (-3.04%), Consumer Discretionary (-2.37%) and Financials Sectors (-2.22%).

In the ETF space, SPDR S&P 500 ETF (SPY) and iShares Core S&P 500 ETF (IVV) fell by more than 1.5%. Invesco QQQ ETF (QQQ) followed suit with a -2.07% plunge.  On the other hand, ProShares VIX Short-Term Futures ETF (VIXY) and ProShares VIX Mid-Term Futures ETF (VIXM), which track the VIX fear gauge rose by 10.89% and 3.54% respectively.

SPDR ETFs targeting Monday’s vulnerable sectors the Energy Select Sector SPDR Fund (XLE), SPDR Financial Select Sector Fund (XLF) and SPDR Consumer Discretionary Select Sector Fund (XLY) lost -3.05%,  -2.32% and -2.28% respectively.

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© www.trackinsight.com 2021
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